Smple Insurance

At Smple Insurance, we understand that trust is a cornerstone of any successful business. Whether you’re a contractor, business owner, or involved in a regulated industry, a Surety Bond provides the security and confidence that your obligations will be met. Surety bonds are a powerful tool to help you gain credibility and protect both your business and your clients. With the right bond, you can create strong business relationships and ensure compliance with legal or contractual requirements.

​

What is a Surety Bond?

A surety bond is a three-party agreement between the principal (the business or individual required to be bonded), the obligee (the party requiring the bond), and the surety (the company providing the bond). The bond guarantees that the principal will fulfill certain obligations, such as completing a contract or adhering to legal requirements. If the principal fails to meet their obligations, the surety provides compensation to the obligee.​ Surety bonds are commonly required in industries like construction, real estate, and finance, but they can be used in a variety of other sectors where trust and financial assurance are needed.

​

What Does a Surety Bond Cover?

Surety bonds provide a financial guarantee that specific duties or responsibilities will be carried out. Here’s what they generally cover:

• Performance Bonds: Guarantees a project will be completed according to the contract.

• Payment Bonds: Ensures subcontractors and suppliers get paid, protecting the project owner from liens.

• License & Permit Bonds: Required by local governments to prove your business follows specific laws (e.g., auto dealers, plumbers).

• Bid Bonds: Guarantees that if you win a contract bid, you will actually sign the contract and provide the required performance bonds.

• Employee Dishonesty Bonds: (Also called Fidelity Bonds) Protects you if an employee steals from your business or a client.

• Court Bonds: required by a judge during legal proceedings. They ensure that a party can pay for costs, damages, or duties related to a lawsuit. 

​

Types of Surety Bonds for Your Business

Surety bonds come in many forms depending on the specific needs of your business. Some of the most common types include:

• Contract Bonds: Used primarily in the construction industry, including performance and payment bonds.

• Commercial Bonds: Required for various businesses, including those that need to comply with state or federal regulations (e.g., license and permit bonds).

• Judicial Bonds: For individuals involved in legal cases who need to guarantee certain court-related actions.

• Fiduciary Bonds: For individuals managing estates, trusts, or guardianships, ensuring they act in the best interest of others.

​​

Surety bonds provide essential protection and trust for your business. Whether you need one for a construction project, a regulatory requirement, or any other business need, Smple Insurance offers a range of surety bond solutions tailored to your specific needs. Let us help you secure the right bond to protect your business and ensure your success. Contact us today to get started.

​​

Disclaimer: Coverage details, limits, and exclusions may vary by policy. The information provided is a general overview and does not represent all the terms, conditions, or exclusions of any specific policy. For complete coverage details, including limitations and exclusions, please refer to the actual policy or consult with one of our agents at Smple Insurance.

​